What to look for when you are choosing a Mortgage Broker

So, you’re in the market for a Mortgage Broker…… As is the case when making many informed life decisions; word of mouth can be invaluable. Talking with family, friends and colleagues about their experiences and recommendations can be informative.

Once you have narrowed the list; then it is time to do your own research. Look for reviews on such social media platforms such as Facebook and Linked In. Good Brokers are not shy about requesting a review of their services, feedback or recommendations and these are often posted publicly.

Ask your Mortgage Broker about their experience and qualifications in the industry. Their credentials are vital to your success and service proposition. Ensure that your Broker is reputable; a member of the MFAA (Mortgage & Finance Association of Australia) or FBAA (Finance Brokers Association of Australia) and qualified to be giving you advice.

Check also if he/she is a member of the Credit Ombudsman Service Ltd (COSL), which is an avenue for borrowers to source independent dispute resolution help. We all hope that your concerns or complaint/s can be solved independently but this is unfortunately not always the case.

Clarify in advance if/ what are fees associated with your Broker’s service. Some Brokers are charging a brokerage fee and/or other fees in addition to the commission payable by the lenders.

Find out how many and which lenders your Broker has in their lending portfolio. Most of them have between 25-30 lenders but not all are affiliated with the same banks. If a Mortgage Broker offers you a special deal, ask about the special conditions. Question the fine print. You know the old saying ‘if it sounds too good to be true, it probably is’. Keep that in mind when assessing deals and weigh up what is right for you. Read all the paperwork presented by the Broker. Seek further clarification before signing anything. Never be afraid to ask questions.

Lastly, make sure you feel confident about the person who is organizing your mortgage. Go with your gut on this one – if something doesn’t feel right, chances are it isn’t. Do business with someone who you can trust and feel comfortable with. Open and honest communication is the key.

If you would like his assistance, you can contact Mariusz on Mob. 0431 935 777 or [email protected] to organize a meeting and discuss the best way you can work together to achieve your goals.